MAPLEWOOD PUBLIC LIBRARY FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2013

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1 MAPLEWOOD PUBLIC LIBRARY FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2013

2 Table of Contents INDEPENDENT AUDITORS' REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 BASIC FINANCIAL STATEMENTS: Government-wide Financial Statements: Page Statement of Net Position - Modified Cash Basis... 7 Statement of Activities - Modified Cash Basis... 8 Fund Financial Statements: Balance Sheet - Modified Cash Basis... 9 Statement of Revenues, Expenditures and Changes in Fund Balances - Modified Cash Basis Notes to Basic Financial Statements OTHER INFORMATION: Schedule of Revenues, Expenditures and Change in Fund Balance - Budget and Actual - Modified Cash Basis - General Fund - Unaudited Notes to Budgetary Comparison Information Missouri Local Government Employees Retirement System (LAGERS) Schedule of Funding Progress ADDITIONAL SUPPLEMENTARY INFORMATION: INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS... 24

3 INDEPENDENT AUDITORS' REPORT To the Members of the Board of Trustees Maplewood Public Library Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities and each major fund of the Maplewood Public Library (the Library), as of and for the year ended June 30, 2013 and the related notes to the financial statements, which collectively comprise the Library s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of accounting described in Note 1; this includes determining that the modified cash basis of accounting is an acceptable basis for the preparation of the financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to error or fraud. Auditors Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Page 1

4 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position - modified cash basis of the governmental activities and each major fund of the Library, as of June 30, 2013, and the respective changes in financial position - modified cash basis, thereof for the year then ended in accordance with the basis of accounting as described in Note 1. Basis of Accounting We draw attention to Note 1 of the financial statements, which describes the basis of accounting. The financial statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. We further draw attention to Note 2 of the financial statements, which describes the Library s change in basis of accounting from generally accepted accounting principles to the modified cash basis. Our opinion is not modified with respect to these matters. Disclaimer of Opinion on Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Library s basic financial statements. The management s discussion and analysis on pages 3 6 and the budgetary comparison information and related notes and the schedule of funding progress on pages 21 23, which are the responsibility of management, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated December 13, 2013 on our consideration of the Library's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Library s internal control over financial reporting and compliance. St. Louis, Missouri December 13, 2013 Page 2

5 Management s Discussion and Analysis MAPLEWOOD PUBLIC LIBRARY MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2013 Our discussion and analysis of the Maplewood Public Library s financial performance provides an overview of the Library s financial activities for the fiscal year ended June 30, Please read it in conjunction with the Library s financial statements, which begin on page 7. Certain comparative information between the current year and prior year is required to be presented in the MD&A. However, because this is the first year of presenting financial statements on the cash basis of accounting, certain comparative information of the previous year was not prepared. Subsequent reports, however, will include the comparative information. Financial Highlights On a government-wide basis, the assets of the Library exceeded its liabilities for the most recent fiscal year by $769,398. The Library s total net position increased $260,576. At June 30, 2013, the unassigned fund balance for the general fund was $395,200. There was a net increase of $44,419 of revenues over expenditures in the general fund. The Library issued $3,400,000 in General Obligation Bonds during the fiscal year 2007 to renovate the library. As of June 30, 2013, the unpaid principal balance was $1,885,000. Overview of the Financial Statements The Library s basic financial statements include both government-wide (reporting the Library as a whole) and fund financial statements (reporting the Library s major funds) and a comparison of the governmental funds to budget. Both the government-wide and fund financial statements categorize primary activities as either governmental or business type. The Library s only activity is governmental. Government-wide financial statements provide information about the Library as a whole and measure the overall financial status. The government-wide statements include the Statement of Net Position and Statement of Activities. The government-wide statements report information about the Library s net position and how they have changed. Net position-the difference between the Library s position and liabilities-is one way to measure the Library s financial health or position. Over time, increases or decreases in the Library s net position are an indicator of whether its financial position is improving or deteriorating, respectively. To assess the Library s overall health, you also need to consider additional non-financial factors such as changes in the Library property tax base. Page 3

6 Management s Discussion and Analysis (continued) MAPLEWOOD PUBLIC LIBRARY The fund financial statements provide more detailed information about the Library s funds, focusing on its most significant or major funds-not the Library as a whole. Funds are accounting devices used to keep track of specific sources of funding and spending on particular programs. The Library has three funds: the General Fund, the Construction Fund and the Debt Service Fund. Government-Wide Financial Statement Analysis The following is a summary of the Statement of Net Position on the modified cash basis of accounting as of June 30, 2013 and 2012: June 30, Assets: Cash and cash equivalents $ 775,359 $ 515,235 Total Assets 775, ,235 Liabilities: Accrued payroll withholdings 5,961 6,413 Total Liabilities 5,961 6,413 Net Position: Restricted 358, ,441 Unrestricted 410, ,381 Total Net Position $ 769,398 $ 508,822 Total net position of the Library as a whole increased $260,576 during fiscal year The increase is primarily a result of the $225,000 remediation settlement that was received during The following is a summary of Changes in Net Position for the year ended June 30, As noted above, comparable financial data is not available for 2012 since the Library changed the basis of accounting during the year. Page 4

7 Management s Discussion and Analysis (continued) MAPLEWOOD PUBLIC LIBRARY June 30, 2013 Program and Service Revenue: Charges for services $ 10,173 Operating grants and contributions 4,363 Capital grants and contributions 225,000 Total Program and Service Revenue 239,536 General Revenues: Property taxes 765,511 Investment income 2,250 Other 1,611 Total General Revenues 769,372 Total revenues 1,008,908 Expenses 748,332 Net increase 260,576 Net position, beginning 508,822 Net position, ending $ 769,398 To aid in the understanding of the Statement of Activities, some additional explanation is given. Of particular interest is the format that is significantly different than a typical Statement of Revenues, Expenses and Changes in Fund Balance. Please note that the expenses are listed first followed by revenues. The result is a Net (Expense) Revenue calculation. Fund Financial Statement Analysis The fund financial statements provide more detailed information about the Library s most significant funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Library s governmental funds are the general fund, construction fund and debt service fund. The general fund houses the Library s operational activities and saw an increase of $44,419 of revenues over expenditures. As of June 30, 2013, the general fund unassigned fund balance totaled $395,200. The construction fund was established to receive the proceeds of the sale in August 2006 of the construction bonds used to renovate the Maplewood Municipal Pool as the new Maplewood Public Library, and to pay the expenses related to the project. This fund received $225,000 in proceeds from the remediation settlement during the year. These monies will be used for the waterproofing project that began in June The fund balance as of June 30, 2013 was $253,941. The debt service fund was established to receive tax revenues earmarked for debt service on the abovementioned construction bonds and to pay the annual bond premiums on the remaining debt. Its fund balance at the end of the current fiscal year was $104,657. Outstanding indebtedness as of June 30, 2013 was $1,885,000. Total principal payments due in 2014 are $150,000. Page 5

8 Management s Discussion and Analysis (continued) General Fund Budgetary Highlights MAPLEWOOD PUBLIC LIBRARY The Library budgets on a cash basis. The difference between budgeted revenues ($483,358) and actual revenues ($537,231) can be attributed to conservative budgeting. Budgeted expenditures in the general fund were estimated at $502,080 while the Library actually spent $492,812. Economic Factors and Next Year s Budgets and Rates The revenue picture of the Library in the current fiscal year was significantly improved by the retirement of the Deer Creek T.I.F., for which the Library received a check for $60, The Board cannot rely on such events on a regular basis, as such, revenue for the fiscal year was budgeted to be basically unchanged from the current year. Since property values in Maplewood appear to have stabilized, this decision seems justified to the Board. Expenditures were also maintained at the same level as the current year. The Library was able to lower its future personnel expenditures by separating its LAGERS account from the City of Maplewood in June 2013, which reduced the required employer contribution at the current benefit level for the next fiscal year. Management is always looking for ways to further lower the Library s expenditures. It closely monitors the cost of utilities and third-party service charges (delivery service, library automation system hardware and software, reciprocal lending) for significant changes. Tax rates for the 2014 tax year will be set at the maximum allowed by the State Auditor. The management does not expect to roll back rates. The waterproofing repair project began in the current fiscal year when the Library signed a contract in May 2013 with Raineri Construction. The project will be completed in the fiscal year. Construction, engineering and consultant fees will be paid from the Construction Fund, which consists of $66,441 remaining from the bond sale for the original construction project and $225,000 awarded in mediation. The Library does not expect to utilize any General Fund money in this project. Money remaining in the Construction Fund upon completion of the project will be used for repairs inside the Library caused by water leakage over time, and selected capital repairs or improvements. Any money left in the Construction fund after this will be transferred to the Debt Service Fund. Financial Contacts This financial report is designed to provide our citizens, taxpayers, customers and creditors with a general overview of the Library s finances and to show the Library s accountability for the money it receives. If anyone has any questions about this report or needs additional information, contact Terrence Donnelly at the Maplewood Public Library, 7550 Lohmeyer Avenue, Maplewood, Missouri Page 6

9 MAPLEWOOD PUBLIC LIBRARY STATEMENT OF NET POSITION - MODIFIED CASH BASIS JUNE 30, 2013 ASSETS: Cash and investments: Unrestricted $ 775,359 Total Assets $ 775,359 LIABILITIES: Accrued payroll witholdings $ 5,961 Total Liabilities $ 5,961 NET POSITION: Restricted for: Construction $ 253,941 Debt service 104,657 Unrestricted 410,800 Total Net Position $ 769,398 See accompanying notes to basic financial statements Page 7

10 MAPLEWOOD PUBLIC LIBRARY STATEMENT OF ACTIVITIES - MODIFIED CASH BASIS FOR THE FISCAL YEAR ENDED JUNE 30, 2013 Program Expenses: Library services: Personnel $ 328,286 Occupancy 42,700 Operating Expenses 60,586 Library materials 57,111 Equipment 28,039 Debt service: Principal 145,000 Interest and fees 86,610 Total Program Expenses 748,332 Program Revenues: Charges for services 10,173 Operating grants and contributions 4,363 Capital grants and contributions 225,000 Net Program Revenues 239,536 Net Program Expense (508,796) General Revenues: Property taxes: Levied for general purposes 519,446 Levied for debt service 246,065 Investment earnings 2,250 Miscellaneous 1,611 Total General Revenues 769,372 Increase in Net Position 260,576 Net Position: Beginning of the year, restated 508,822 End of the year $ 769,398 See accompanying notes to basic financial statements Page 8

11 MAPLEWOOD PUBLIC LIBRARY BALANCE SHEET - MODIFIED CASH BASIS - GOVERNMENTAL FUNDS JUNE 30, 2013 Debt General Service Construction Fund Fund Fund Total ASSETS: Cash and investments: Unrestricted $ 416,761 $ 104,657 $ 253,941 $ 775,359 Total Assets $ 416,761 $ 104,657 $ 253,941 $ 775, LIABILITIES AND FUND BALANCES - - LIABILITIES: Accrued payroll withholdings $ 5,961 $ - $ - $ 5,961 Total Liabilities 5, ,961 FUND BALANCE: Restricted for: Construction , ,941 Debt service - 104, ,657 Assigned- subsequent year budget 15, ,600 Unassigned 395, ,200 Total Fund Balance 410, , , ,398 Total Liabilities and Fund Balances $ 416,761 $ 104,657 $ 253,941 $ 775,359 See accompanying notes to basic financial statements Page 9

12 MAPLEWOOD PUBLIC LIBRARY STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - MODIFIED CASH BASIS - GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 2013 Debt General Service Construction Fund Fund Fund Total REVENUES: Property tax $ 519,446 $ 246,065 $ - $ 765,511 Charges for services 10, ,173 Contributions and grants 4, ,363 Interest 1, ,250 Miscellaneous 1, , ,611 Total Revenues 537, , ,378 1,008,908 EXPENDITURES: Current: Personnel 328, ,286 Occupancy 42, ,700 Operating expenses 60, ,586 Capital outlay 61,240-23,910 85,150 Debt service: Principal - 145, ,000 Interest and fees - 86,610-86,610 Total Expenditures 492, ,610 23, ,332 Net Change in Fund Balances 44,419 14, , ,576 Fund Balances: Beginning of Year, Restated 366,381 89,968 52, ,822 End of Year $ 410,800 $ 104,657 $ 253,941 $ 769,398 See accompanying notes to basic financial statements Page 10

13 MAPLEWOOD PUBLIC LIBRARY NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Maplewood Public Library (the "Library") was incorporated in 1935, under the provisions of the State of Missouri and is operated under a board of trustees and librarian form of management. The Council of the City of Maplewood is responsible for appointing the governing members of the Library s board, but the City s accountability does not extend beyond this. The City of Maplewood does not include the Library as a component unit within the City s financial reporting entity. Library employees participate in the City s medical insurance plan. As discussed further in Note 1, these financial statements are presented on the modified cash basis of accounting. This modified basis of accounting differs from accounting principles generally accepted in the United States of America (GAAP). Generally accepted accounting principles include all relevant Government Accounting Standards Board (GASB) pronouncements. Reporting Entity The financial reporting entity consists of the primary government, as well as its component units, which are legally separate organizations for which the primary government is financially accountable or closely related. The Library has determined that no outside agency meets the criteria and therefore, no other agency has been included as a component unit in the Library s financial statements. Fund Accounting The accounts of the Library are organized on the basis of legally established funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures. Library resources are allocated to, and accounted for, in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The following fund type is used by the Library: Governmental Funds Governmental Funds are those through which all functions of the Library are financed. The Library s expendable financial resources are accounted for through Governmental Funds. The measurement focus is upon determination of changes in the financial position rather than upon net income determination. Governmental Funds focus on the sources, uses and balances of current financial resources. The Library uses the following governmental fund types, each of which are considered to be a major fund: General Fund - This fund is the general operating fund of the Library and accounts for all financial resources, except those required to be accounted for in another fund. Debt Service Fund - This fund is used to account for the accumulation of resources for and the payment of, principal, interest, and fiscal charges on long-term debt. Page 11

14 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY Construction Fund - This capital projects fund is used to account for the proceeds of long-term debt, taxes, and other revenues restricted for acquisition or construction of major capital assets. Basis of Presentation Government-wide Financial Statements: The Statement of Net Position and the Statement of Activities present financial information about the Library as a whole. These statements include the financial activities of the primary government. The effect of interfund activity has been eliminated for these statements. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions. The Statement of Net Position presents the financial condition of the governmental activities of the Library at year-end. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the Library s governmental activities. Direct expenses are those that are specifically associated with and are clearly identifiable to a particular function. Amounts reported as program revenues include (a) charges paid by patrons for fees, or goods and services offered by the Library and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues not classified as program revenues are presented as general revenues and include all property taxes. The comparison of direct expenses with program revenues identifies the extent to which each governmental function is self-financing or draws from the general revenues of the Library. Fund Financial Statements: The fund financial statements provide information about the Library s funds. A balance sheet - modified cash basis and statement of revenues, expenditures, and changes in fund balances - modified cash basis are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. The Library considers each of its funds to be major. Basis of Accounting Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements. Government-wide financial statements and fund financial statements are prepared using the modified cash basis of accounting. This basis of accounting recognizes assets, liabilities, net position/fund equity, revenues, and expenditures/expenses when they result from cash transactions except that the purchase of investments are recorded as assets and payroll withholdings are reported as liabilities. This is a basis of accounting other than accounting principles generally accepted in the United States of America. As a result of the use of this modified cash basis of accounting, certain assets (such as accounts receivable and capital assets), certain revenues (such as revenue for billed or provided services not yet collected), certain liabilities (such as accounts payable, general revenue bonds and obligations under capital leases) and certain expenses (such as expenses for goods or services received but not yet paid) are not recorded in these financial statements. Page 12

15 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY If the Library utilized the basis of accounting recognized as generally accepted, the fund financial statements for governmental funds would use the modified accrual basis of accounting, while the fund financial statements for proprietary fund types (if any) would use the accrual basis of accounting. All government-wide financials would be presented on the accrual basis of accounting. Governmental Fund Balances In the governmental fund financial statements the following classifications are used to define the governmental fund balances: Nonspendable - This consists of the governmental fund balances that are not in spendable form or legally or contractually required to be maintained intact. The Library has no nonspendable fund balance as of June 30, Restricted - This consists of the governmental fund balances that are legally restricted by outside parties or by law through constitutional provisions or enabling legislation. The Library s restricted funds consist of bond proceeds restricted for capital projects and taxes approved by voters for debt obligations. Committed - This consists of the governmental fund balances that can only be used for specific purposes pursuant to constraints imposed by formal action (resolution) of the Board of Trustees, the Library s highest level of decision-making authority. The Library has no committed fund balance as of June 30, Assigned - This consists of the governmental fund balances that are intended to be used for specific purposes by a) Board of Trustees or b) Director. The Library s assigned fund balance includes monies budgeted in the subsequent year. Unassigned - This consists of the governmental funds that do not meet the definition of "nonspendable," restricted, committed, or assigned. The Library s policy is to maintain fund balance reserves in the General Fund equal to at least one half of the average annual operating budget. Net Position Net position represents the difference between assets and liabilities. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the Library or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. All other net position are reported as unrestricted. Use of Restricted Resources When an expenditure or expense is incurred for purposes for which both restricted and unrestricted (committed, assigned or unassigned) amounts are available, it is the policy of the Library to generally consider restricted amounts to have been reduced first. When an expenditure is incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used, it is the policy of the Library that committed amounts would be reduced first, followed by assigned amounts, and then unassigned amounts. Page 13

16 Notes to Basic Financial Statements (continued) Josephine Alban Memorial Account MAPLEWOOD PUBLIC LIBRARY This account was established by relatives of Mrs. Josephine Alban, first Director of the Maplewood Public Library. This fund is intended to receive all sizable donations, and the earned interest used to supplement the materials budget. Since its inception, there have been no sizable donations or enough earned interest to make significant contribution towards materials purchases, and the fund is essentially dormant. Its fund balance as of June 30, 2013 was $4,278. Interfund Activity Interfund transfers are reported as other financing sources/uses in governmental funds. Repayments from funds responsible for particular expenditures/expenses to the funds that initially paid for them are not presented on the financial statements. 2. CHANGE IN BASIS OF ACCOUNTING During the year ended June 30, 2013, the Library adopted a policy of preparing its financial statements on the cash basis of accounting (with certain modifications for recording investment purchases as assets and payroll withholdings as liabilities). This policy will better serve the needs of management and the users of the financial statements. Prior to this change, the Library prepared its financial statements on the modified accrual basis of accounting for its fund financial statements and the accrual basis for its government wide statements. The effect on beginning fund balance/net position is as follows: Total General Debt Service Construction Governmental Fund Fund Fund Funds Fund balances, June 30, 2012, as previously reported $ 333,441 $ 89,968 $ 52,473 $ 475,882 Effect of reversing receivables (9,500) (5,657) - (15,157) Effect of reversing accounts payable 18, ,575 Effect of reversing accrued personnel expenses 14, ,365 Effect of reversing deferred revenue 9,500 5,657-15,157 Fund balances/net Positon, June 30, 2012, restated $ 366,381 $ 89,968 $ 52,473 $ 508,822 The beginning net position is the same as the total beginning fund balances on the modified cash basis of accounting. 3. PROPERTY TAXES Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied on November 1 and are payable by December 31. The County collects the property tax and remits it to the Library. Page 14

17 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY The assessed valuation of the tangible taxable property for the calendar years 2012 for purposes of local taxation was $160,041,821. The tax levy per $100 of the assessed valuation of tangible taxable property for the calendar year 2012 was as follows: Real Estate Personal Residential Commercial Property General Fund $ $ $ Debt Service Fund Total $ $ $ The receipts of current and delinquent property taxes during the fiscal year ended June 30, 2013, aggregated approximately 95% of the current assessment computed on the basis of the levy as shown above. 4. CASH AND INVESTMENTS The Library is governed by the deposit and investment limitations of state law. State law authorizes the following types of investments: United States Treasury and Agency Securities, Repurchase Agreements, Collateralized Certificates of Deposit, Banker s Acceptances and Commercial Paper. As of June 30, 2013, the Library did not have any investments. Custodial Credit Risk - Deposits For a deposit, custodial credit risk is the risk that in the event of a bank failure, the government s deposits may not be returned to it. The Library does not have a policy for custodial credit risk - deposits. As of June 30, 2013, the Library was not exposed to custodial credit risk. 5. LONG-TERM LIABILITIES The following is a summary of changes in the Library s long-term liabilities for the year ended June 30, 2013: Original Balance - Balance - Amount due Issuance July 1, June 30, within Amounts 2012 Additions Retirements 2013 one year General obligation bonds Series 2006 $ 3,400,000 $ 2,030,000 $ - $ 145,000 $ 1,885,000 $ 150,000 Payments on the general obligation bonds are made by the debt service fund. The terms of the bond issue include requirements to maintain a separate construction and debt service fund. All amounts in the construction fund are to be used for the construction of the leasehold improvements. Any surplus is to be transferred to the debt service fund to be used for the payment of debt. If there is any surplus after all of the bonds are retired then the balance may be transferred to the general fund. The bond documents have numerous other provisions as well. Page 15

18 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY General obligation bonds are supported by a pledge of the Library s full faith and credit. These bonds were originally issued to finance various capital projects. The bonds bear interest at rates ranging from 4.00% to 4.25% and mature through March 1, 2024 as follows: Year Ending June 30, Principal Interest Total 2014 $ 150,000 $ 80,388 $ 230, ,000 74, , ,000 67, , ,000 60, , ,000 53, , ,005, ,212 1,153, ,000 3,360 83,360 Total $ 1,895,000 $ 487,423 $ 2,382,423 Defeased Bonds Outstanding In a prior year, the Library defeased certain bonds by placing available monies in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the Library s long term debt obligations. At June 30, 2013, $630,000 of bonds outstanding is considered defeased. The bonds are expected to be called on March 1, Legal Debt Margin Under the statutes of the State of Missouri, the limit of bonded indebtedness is 5% of the most recent assessed valuation. As of June 30, 2013, the legal debt margin was calculated as follows: Constitutional debt limit $ 8,002,091 General obligation bonds payable (1,895,000) Amount available in Debt Service Fund 104,657 Legal Debt Margin $ 6,211, OPERATING LEASES In connection with the issuance of the bonds the Library has entered into a lease agreement on July 1, 2006 effective October 1, 2006 with the City of Maplewood, Missouri, a related party. The initial term of the lease is 20 years with options to renew for two consecutive five-year terms each. The lease requires the Library to construct improvements at its cost. In addition, the Library is required to pay all maintenance and insurance costs. Further, the Library is required to maintain workmen s compensation coverage throughout the term of the lease. Page 16

19 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY The fair value of the lease has not been determined. Future minimum lease payments as of June 30, 2013 are as follows: Year Ended Amount June 30, 2014 $ 1 June 30, June 30, June 30, June 30, Five years ended: June 30, June 30, Total $ EMPLOYEES' RETIREMENT PLAN Plan Description The City of Maplewood participates in the Missouri Local Government Employees Retirement System (LAGERS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local government entities in Missouri. LAGERS is a defined benefit pension plan which provides retirement, disability, and death benefits to plan members and beneficiaries. LAGERS was created and is governed by state statute, Section RSMo As such, it is the system s responsibility to administer the law in accordance with the expressed intent of the General Assembly. The plan is qualified under Internal Revenue Code Section 401(a), and it is tax exempt. All full-time employees of the City are eligible to participate in LAGERS. During the year ended June 30, 2013, the Library was a subsidiary of the City of Maplewood and therefore does not have an individual valuation. However, effective June 1, 2013, the Library is a separate entity with LAGERS and individual valuations will be available going forward. LAGERS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to LAGERS, P.O. Box 1665, Jefferson City, MO or by calling Funding Policy Full-time employees contribute 4% of annual gross pay to the pension plan. The statutorily required contribution rates are 11.3% (general), 22.4% (police) and 30.2% (fire) of annual covered payroll. The contribution requirements of plan members are determined by the governing body of the City. The contribution provisions of the City are established by state statute. Page 17

20 Notes to Basic Financial Statements (continued) MAPLEWOOD PUBLIC LIBRARY Annual Pension Cost (APC) and Net Pension Obligation (NPO) The subdivision s annual pension cost and net pension obligation for the current year were as follows: Annual Required Contribution $ 1,121,380 Interest on Net Pension Obligation - Adjustment to Annual Required Contribution - Annual Pension Cost 1,121,380 Less Contributions Made 1,054,097 Increase in Net Pension Obligation 67,283 Net Pension Obligation Beginning of Year - Net Pension Obligation End of Year $ 67,283 The annual required contribution (ARC) was determined as part of the February 28, 2011 annual actuarial valuation using the entry age actuarial cost method. The actuarial assumptions as of February 28, 2013 included: (a) a rate of return on the investment of present and future assets of 7.25% per year, compounded annually, (b) projected salary increases of 3.5% per year, compounded annually, attributable to inflation, (c) additional projected salary increases ranging from 0.0% to 6.0% per year, depending on age and division, attributable to seniority/merit, (d) pre-retirement mortality based on 75% of the RP-2000 Combined Healthy Table set back 0 years for men and 0 years for women and (e) post-retirement mortality based on 105% of the 1994 Group Annuity Mortality table set back 0 years for men and 0 years for women. The actuarial value of assets was determined using techniques that smooth the effects of short-term volatility in the market value of investments over a five-year period. The unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis. The amortization period as of February 28, 2011 was 30 years for the General division, 30 years for the Police division and 30 years for the Fire division. Three-Year Trend Information Annual Percentage Net Pension of APC Pension Year Ended June 30, Cost (APC) Contributed Obligation 2011 $ 471, % $ $ 1,019, % $ $ 1,121,380 94% $ 67,283 Page 18

21 Notes to Basic Financial Statements (continued) Funded Status and Funding Progress MAPLEWOOD PUBLIC LIBRARY As of February 28, 2013, the most recent actuarial valuation date, the plan was 31 percent funded. The actuarial accrued liability for benefits was $13.9 million, and the actuarial value of assets was $4.3 million, resulting in an unfunded actuarial accrued liability (UAAL) of $9.6 million. The covered payroll (annual payroll of active employees covered by the plan) was $4.9 million, and the ratio of the UAAL to the covered payroll was 197 percent. The schedule of funding progress, presented as Other Information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial liability for benefits. 8. MUNICIPAL LIBRARY CONSORTIUM The Library is a member of the Municipal Library Consortium of St. Louis County, an association of independent municipal libraries. The purpose of the Consortium is to develop and maintain a shared automation system and to provide and maintain developing information technologies for the citizens of the member libraries communities. The members are the Brentwood, Ferguson, Kirkwood, Richmond Heights, Rock Hill, University City, Valley Park, Webster Groves and Maplewood Libraries. The Consortium will have full ownership of all system hardware, software, peripherals and other property relating to the central site automated system, which will be located at University City Library. Each member will purchase or lease and maintain its own terminals, data transmission devices, barcodes, printers and other peripheral equipment. Initially, each member will pay their proportionate share of the automated system s costs according to its percentage of ports in the total system, its percentage of bibliographic records and its percentage of all members prior year s circulation. It is not intended that the Consortium shall act for profit. Net assets, if any, will be distributed to members in the event of termination. The Consortium s fiscal year will run from July 1 to June 30. Financial statements are not available. 9. RISK MANAGEMENT The Library is exposed to various risks of loss related to torts; thefts of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters for which the Library participates in insurance costs with the City of Maplewood, Missouri. There have been no significant reductions in coverage and settled claims have not exceeded coverage in any of the past three fiscal years. Page 19

22 Notes to Basic Financial Statements (continued) 10. RELATED PARTY TRANSACTIONS MAPLEWOOD PUBLIC LIBRARY The Library had the following transactions with related parties: City of Maplewood - Expenses Lease $ 1 Insurance 3,942 Health Insurance 25,249 Pension 26,094 Total $ 55,286 Municipal Library Consortium of St. Louis County - Expenses $ 7,599 See Note 8 regarding Municipal Library Consortium, Note 6 for lease with the City of Maplewood and Note 7 for employees retirement plan with the City of Maplewood. 11. COMMITMENTS Full time employees earn vacation and sick leave which are considered expenditures in the year paid. Accumulated sick leave is not payable upon termination or retirement. Accumulated and unused vacation time is payable upon termination or retirement but the amount has not been calculated and is not included in the accompanying financial statements. During the year ended June 30, 2013, the Library entered into a construction commitment totaling approximately $115,000 for a waterproofing repair project. As of June 30, 2013, $1,725 of the commitment had been paid. Page 20

23 Other Information

24 MAPLEWOOD PUBLIC LIBRARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGE IN FUND BALANCE - BUDGET AND ACTUAL - MODIFIED CASH BASIS - GENERAL FUND - UNAUDITED FOR THE FISCAL YEAR ENDED JUNE 30, 2013 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) REVENUES: Property taxes $ 464,998 $ 464,998 $ 519,446 $ 54,448 Charges for services 10,452 10,452 10,173 (279) Contributions and grants 4,020 4,020 4, Interest 3,084 3,084 1,638 (1,446) Miscellaneous , Total Revenues 483, , ,231 53,873 EXPENDITURES: Personnel 330, , ,286 1,810 Occupancy 42,684 42,684 42,700 (16) Operating expenses 64,500 64,500 60,586 3,914 Capital outlay: Library materials 59,904 59,904 57,111 2,793 Capital expenditures 4,896 4,896 4, Total Expenditures 502, , ,812 9,268 Net change in fund balance $ (18,722) $ (18,722) $ 44,419 $ 44,605 See accompanying independent auditors report and notes to budgetary comparison information Page 21

25 MAPLEWOOD PUBLIC LIBRARY NOTES TO BUDGETARY COMPARISON INFORMATION JUNE 30, Budgets and Budgetary Accounting The Library follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The Library adopts a budget for the general fund. The budget document contains the minimum information required by Chapter 67, RSMo, except as otherwise noted in a separate letter dated December 13, The Director submits to the Board of Trustees a proposed budget for the fiscal year beginning on the following July 1. The proposed budget includes estimated revenues and proposed expenditures for all Library governmental funds. Budgeted expenditures cannot exceed beginning available monies plus estimated revenues for the year. 3. A public hearing is conducted to obtain taxpayer comments. Prior to its approval by the Board of Trustees, the budget document is available for public inspection. 4. Prior to July 1, the budget is legally enacted by a vote of the Board of Trustees. 5. Subsequent to its formal approval of the budget, the Board of Trustees has the authority to make necessary adjustments to the budget by formal vote of the Board. Adjustments made during the year are reflected in the budget information included in the financial statements. 6. Budgets are adopted on a cash basis of accounting. 7. Appropriations lapse at year end. Page 22

26 MAPLEWOOD PUBLIC LIBRARY MISSOURI LOCAL GOVERNMENT EMPLOYEES RETIREMENT SYSTEM (LAGERS) - SCHEDULE OF FUNDING PROGRESS FOR THE FISCAL YEAR ENDED JUNE 30, 2013 (b) (b-a) [(b-a)/c] (a) Entry Age Unfunded (c) UAL as Actuarial Actuarial Actuarial Accrued (a/b) Annual a Percentage Valuation Value of Accrued Liability Funded Covered of Covered Date Assets Liability (UAL) Ratio Payroll Payroll 2/28/2011 $ 2,119,488 $ 11,301,176 $ 9,181,688 19% $ 4,237, % 2/29/2012 $ 3,735,174 $ 13,192,012 $ 9,456,838 28% $ 4,776, % 2/28/2013 $ 4,345,342 $ 13,946,130 $ 9,600,788 31% $ 4,866, % Note: The above assets and actuarial accrued liability do not include the assets and present value of benefits associated with the Benefit Reserve Fund and the Casualty Reserve Fund. The actuarial assumptions were changed in conjunction with the February 28, 2011 annual actuarial valuations. For a complete description of the actuarial assumptions used in the annual valuations, please contact the LAGERS office in Jefferson City. Page 23

27 Additional Supplementary Information

28 INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Members of the Board of Trustees Maplewood Public Library We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, and each major fund of the Maplewood Public Library, as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the Library's basic financial statements, and have issued our report thereon dated December 13, Our report of the basic financial statements disclosed that, as described in Note 1 to the financial statements, the Library prepares its financial statements on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Internal Control Over Financial Reporting ln planning and performing our audit of the financial statements, we considered the Library's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Library's internal control. Accordingly, we do not express an opinion on the effectiveness of the Library's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Page 24

29 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Library's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. We noted certain other matters that we reported to management of the Library in a separate letter dated December 13, Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. St. Louis, Missouri December 13, 2013 Page 25

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